Commodity Market Report
Global product markets weekly: Global composite margin improves on propane and middle distillates strengths
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Report summary
The weekly average of North Sea Dated declined by US$16.90/bbl to US$33.57/bbl, the lowest level since early 2016. Prices were already weak after the COVID-19 outbreak triggered the collapse in China’s oil demand this quarter. The failed 6 March OPEC+ meeting was another blow to the market, as COVID-19 containment measures spread globally. Within a day after the OPEC+ meeting, Saudi Aramco slashed its Official Selling Prices for April. That was followed by Saudi Arabia announcement that it planned to supply 12.3 million b/d in April, making crystal clear the battle for market share.
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